
Fortnum & Mason toasted to another strong Christmas in its stores as it revealed its full-year profits soared to over £9m.
The luxury retailer reported a 10% increase in like-for-like sales across its estate in the five weeks to 24 December, while trading revenues across all its channels rose 2% year on year.
Though online sales fell 7%, Christmas food sales rocketed 17% and food hampers rose 10% on last year.
Fortnums said during the period, it sold 30,000 Christmas puddings, 66,000 boxes of mince pies, over 600kg of Panettone, 40,000 bottles of champagne, and 4,000 bottles of the house Amalthea Gin, which is distilled in Piccadilly.
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It came as the retailer reported a 24% increase in its pre-tax profits to £9.3m in the year to end of July, up from £7.5m.
Sales rose 9% to £228m, driven by a 14% uplift across its store estate and 20% increase in its wholesale partners in the UK and overseas.
The business attributed its growth to “increased international customers offsetting a more cautious domestic customer and a challenging UK economic backdrop”.
It said the positive performance was also driven by investment in the online customer experience, a new ‘food-to-go’ proposition, a dedicated EU.com website and fulfilment centre and a new UK distribution centre, and new business systems.
Fortnum & Mason chief executive Tom Athron said: “Although the economic climate has not been without its challenges, I am incredibly proud of our staff and customers who have helped deliver another year of strong growth for Fortnum & Mason.
“It is such a thrill to see how the investments we have made to our in-store experience, as well as the investments made to our online shopping experience in the UK, EU and beyond, have had a tangible and positive impact on the business, not just at Christmas but all year round.
Athron said the business will continue to invest in “all part of the business” in the coming year, including the launch of its first ever membership scheme and a new double helix staircase in its flagship Piccadilly store.
He continued: “As we look ahead to 2025, I am extremely excited by the possibilities it presents. As one of Britain’s most recognisable brands with total focus on Extraordinary Food and Drink, and with the strong foundations we have in place driving forward our business, I am confident we will continue to innovate and inspire, create unique instore experiences, and bring more moments of joy into more peoples’ lives.”
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